The global biolubricants market revenue is expected to expand at a lucrative CAGR over the forecast period. Rising environmental concerns coupled with stringent regulations regarding the use of conventional lubricants in developed countries is expected to drive market growth over the forecast period. Expansion of the automotive sector in developing regions such as China, India, Brazil, and Africa is projected to augment segment growth.
The global biolubricants market report has been segmented on the basis of raw material, application, end-user, and region.
On the basis of raw material, the global biolubricants market has been segmented into vegetable oil and animal fats. The animal fats segment is expected to witness steady growth over the forecast period.
On the basis of the application, the global biolubricants market has been segmented automotive, industrial lubricant, metalworking, greases, and others (hydraulic fluids, mold release agents, and transmission fluids). Industrial segment is expected to witness steady growth rate over the forecast period. Growing demand for lubricants in manufacturing and chemical industries to improve production process is expected to drive segment growth over the forecast period.
On the basis of end-user, the global target market has been segmented into industrial, commercial transportation, and consumer automotive. Consumer automotive segment is expected to witness higher growth rate over the forecast period owing to growing demand for passenger cars in developing economies.
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On the basis of region, the global biolubricants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market is expected to grow at a rapid pace over the forecast period. Presence of a large number of automotive manufacturers in the region is expected to augment Asia Pacific biolubricants market.
Key players operating in the global biolubricants market include Fuchs Petrolub SE, Panolin AG, Royal Dutch Shell plc, RoWe Mineralolwerk GmbH, Emery Oleochemicals Group, Polnox Corporation, RSC Bio Solutions, Binol Biolubricants, Castrol Limited, and Total S.A.